They haven’t as of the last quarterly report.
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Posted On: 09/02/2019 2:53:20 PM
They haven’t as of the last quarterly report.
“The Company issued its Promissory Note in the amount of $14,600,000 (the “Note’) representing its obligation to pay the above amounts. The Note is secured by a pledge of the Regentys shares pursuant to a Pledge and Security Agreement. In the event that Generex does not make any of the first three payments listed above, at Regentys’ option either:
• Generex will forfeit all of the Regentys shares issued with no refund of amounts paid; or
• Generex will issue shares of its common stock to Regentys equivalent to 110% of the value of the missing payment, which shares will be registered for resale.
In the event Generex does not make either or both of the fourth and fifth payments, its share ownership of Regentys will be proportionately reduced.
On March 14, 2019, the Company and Regentys amended the Stock Purchase Agreement and Promissory Note to extend the due date of the remaining balance of the first tranche of Guaranteed Payments amounting to $2,800,000 on or before April 1, 2019. On May 22, 2019, the Company and Regentys signed a second extension to extend the due date on or before June 30, 2019. The extensions of the due date have no impact on the existing schedule of future payments or any additional terms within the Note. Regentys has not filed any notice of default as of the date of publication, and Generex continues to provide Regentys with business opportunities continuing the relationship.”
Perhaps we see an all stock deal like for Olaregen. The Olaregen deal said an 8k was pending, but it’s been a few weeks. Probably soon.
“The Company issued its Promissory Note in the amount of $14,600,000 (the “Note’) representing its obligation to pay the above amounts. The Note is secured by a pledge of the Regentys shares pursuant to a Pledge and Security Agreement. In the event that Generex does not make any of the first three payments listed above, at Regentys’ option either:
• Generex will forfeit all of the Regentys shares issued with no refund of amounts paid; or
• Generex will issue shares of its common stock to Regentys equivalent to 110% of the value of the missing payment, which shares will be registered for resale.
In the event Generex does not make either or both of the fourth and fifth payments, its share ownership of Regentys will be proportionately reduced.
On March 14, 2019, the Company and Regentys amended the Stock Purchase Agreement and Promissory Note to extend the due date of the remaining balance of the first tranche of Guaranteed Payments amounting to $2,800,000 on or before April 1, 2019. On May 22, 2019, the Company and Regentys signed a second extension to extend the due date on or before June 30, 2019. The extensions of the due date have no impact on the existing schedule of future payments or any additional terms within the Note. Regentys has not filed any notice of default as of the date of publication, and Generex continues to provide Regentys with business opportunities continuing the relationship.”
Perhaps we see an all stock deal like for Olaregen. The Olaregen deal said an 8k was pending, but it’s been a few weeks. Probably soon.
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